Buying And Selling: Latest NAR Numbers...

The Realtors are back with their latest home sales stats, and things continue to decelerate in an orderly fashion:

The slowdown in sales was weighing on home prices, with the median price of an existing home sold in August dropping to $225,000, 1.7 percent below August 2005. It marked the first year-over-year price decline in more than 11 years.The weakness in existing home sales followed a report last week that construction of new homes and apartments plunged by 6 percent in August, pushing building activity to the lowest level since early 2003.

Of course, Lereah says he was expecting it, and David Lereah Watch remains vigilant in calling him on his bullshucks. It never fails to astonish how reputable news organizations use Lereah as the sole source of expertise for real estate and housing issues and repeat what he says without any context or criticism.

Then again, I suppose time wasted criticizing The Lereah is time better spent using 7 highly effective bargain tricks for home buying. How cool is it that they mention "going FSBO" right off the bat? Sometimes the truth just speaks for itself.

Oh, and welcome to the lovely Delilah Boyd of DC Housing Bubble Blues, a chronicler of the sagging real estate fortunes of our nation's capital. Maybe she can get her clippers out and give The Lereah a buzz...

Posted at September 25, 2006 04:36 PM

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The Realtors are back with their latest home sales stats, and things continue to decelerate in an orderly fashion: The slowdown in sales was weighing on home prices, with the median price of an existing home sold in August dropping to $225,000, 1.7 percent below August 2005. It marked the first year-over-year price decline in more than 11 years.The weakness in existing home sales followed a report last week that construction of new homes and apartments plunged by 6 percent in August, pushing building activity to the lowest level since early 2003. Of course, Lereah says he was expecting it, and David Lereah Watch remains vigilant in calling him on his bullshucks. It never fails to astonish how reputable news organizations use Lereah as the sole source of expertise for real estate and housing issues and repeat what he says without any context or criticism. Then again, I suppose time wasted criticizing The Lereah is time better spent using 7 highly effective bargain tricks for home buying. How cool is it that they mention "going FSBO" right off the bat? Sometimes the truth just speaks for itself. Oh, and welcome to the lovely Delilah Boyd of DC Housing Bubble Blues, a chronicler of the sagging real estate fortunes of our nation's capital. Maybe she can get her clippers out and give The Lereah a buzz...